Kellogg shares are up roughly 10 percent year-to-date amid talk it could be on Warren Buffett's shopping list.

Of course, only Buffett himself knows whether he plans to acquire the cereal maker.

Adam Jeffery | CNBC

But Scott Rothbort, president of LakeView Asset Management, told CNBC on Tuesday he would not be surprised if the famed investor takes over Kellogg.

"It really fits into what Warren Buffett likes to see: companies that generate cash flow, companies that are very well known to the American consumer," Rothbort said on "Closing Bell." "Look, Kellogg fits very well with Heinz and Coca-Cola, companies that he either owns through Berkshire Hathaway or has large positions in."

Kellogg is actually way overpriced for Buffett's taste, countered Mark Hake, president of Hake Capital Management, on "Closing Bell." Sure, the food company does produce roughly $15 billion in revenue and $1.5 billion in free cash flow, he said. But the company's $31 billion price tag is just too expensive.

"I mean for the amount of revenue it produces, OK, great. It produces a good amount of cash flow, but you're basically paying for it," Hake said. "Also, Buffett doesn't leak any stories, so I don't know where any of this stuff came from."